PLC

Listed Company · HNX

Price

22,900

Latest close

03 Apr 2026

P/E 136.3x

EPS (TTM) 168

ROE (TTM) 1.1%

P/B 1.5x

BVPS (Latest) 15,133

ROA (TTM) 0.3%

What Is Changing

PLC no longer looks like a business simply rebounding from a weak base. Revenue posted +12.2% YoY, while net margin reached 0.35% with an additional -0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 27.0bn in 2025.
Revenue growth accelerated to 12.2% in 2025, up 25.1pp versus the prior year.
Net margin declined from 0.62% in the prior period to 0.35% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Growth	+12%	-13%	-7%	+25%	—
Net Income	27.0	43.2	101.9	117.0	156.8
Net Margin	0.35%	0.62%	1.28%	1.36%	2.28%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3	1,968.4
Growth	+15%	-19%	+12%	-10%	+45%	-16%	+9%	-27%	+14%	+2%	-4%	—
Net Income	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6	33.2
Net Margin	-4.28%	1.83%	1.66%	1.65%	0.95%	0.45%	0.03%	0.96%	1.21%	0.86%	1.89%	1.69%

Financial Statements

Profitability

Net margin reached 0.35% while Revenue posted +12.2% YoY.

Balance Sheet

Inventory stood at 990.1bn, liabilities at 2,699.4bn, and equity at 1,236.2bn.

Cash Flow

Operating cash flow was -84.1bn in 2025, while investing cash flow was 10.9bn.

Financing cash flow: 268.9bn.

Item	2025	2024	2023	2022	2021
Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Cost of Goods Sold	6,772.2	6,109.1	6,989.9	7,509.7	0.0
Gross Profit	1,001.9	822.7	970.8	1,091.3	931.2
Financial Income	68.8	55.5	76.2	93.8	95.5
Financial Expenses	123.5	130.4	155.6	222.6	-80.3
Interest Expense	101.3	85.6	117.4	84.8	-70.7
Share of Associates and Joint Ventures	—	0.0	-1.7	-21.4	-8.5
Selling Expenses	676.2	571.8	589.8	610.2	-539.4
General and Administrative Expenses	204.2	110.7	159.8	143.2	-200.7
Operating Profit	66.8	65.3	140.2	187.7	197.8
Other Income	3.3	8.3	4.4	4.6	0.0
Other Expenses	1.6	3.2	3.5	8.0	0.0
Other Profit	1.7	5.1	0.9	-3.4	9.4
Profit Before Tax	68.5	70.4	141.1	184.3	207.2
Current Income Tax Expense	22.2	16.0	37.8	61.0	-50.4
Deferred Income Tax Expense	19.4	11.2	1.4	6.3	0.0
Net Income	27.0	43.2	101.9	117.0	156.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	27.0	43.2	101.9	117.0	156.8
Earnings per Share	334.00	535.00	1,173.00	1,173.00	1,840.00
Diluted EPS	333.98	534.92	1,261.38	1,447.51	1,940.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,120.3	3,238.7	3,356.4	3,686.3	3,766.8
I. Cash and cash equivalents	494.6	299.0	287.6	550.0	375.9
1. Cash	315.3	153.0	224.9	182.6	0.0
2. Cash equivalents	179.3	146.0	62.7	367.3	0.0
II. Short-term financial investments	625.0	645.7	407.1	218.4	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	625.0	645.7	407.1	218.4	0.0
III. Short-term receivables	957.6	1,206.0	1,231.4	1,432.1	1,394.9
1. Short-term trade accounts receivable	1,186.4	1,390.5	1,448.8	1,647.6	0.0
2. Short-term prepayments to suppliers	30.0	40.3	38.5	32.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	21.0	26.0	28.4	18.3	0.0
7. Provision for short-term doubtful debts (*)	-279.8	-250.8	-284.4	-266.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	990.1	1,054.3	1,373.3	1,431.8	1,244.6
1. Inventories	1,045.8	1,055.3	1,373.3	1,431.8	0.0
2. Provision for decline in value of inventories	-55.7	-0.9	0.0	0.0	0.0
V. Other short-term assets	53.0	33.7	56.9	54.0	53.7
1. Short-term prepayments	1.9	2.2	2.6	1.9	0.0
2. Value added tax to be reclaimed	32.8	28.2	48.3	44.9	0.0
3. Taxes and other receivables from state authorities	18.3	3.2	6.0	7.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	815.2	841.3	883.0	935.0	1,041.0
I. Long-term receivables	6.5	6.3	5.2	5.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	6.5	6.3	5.2	5.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	605.6	641.6	705.9	744.8	818.7
1. Tangible fixed assets	593.7	630.2	701.9	740.9	815.1
- Cost	1,812.5	1,768.8	1,750.5	1,697.2	0.0
- Accumulated depreciation	-1,218.8	-1,138.6	-1,048.6	-956.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.9	11.5	4.1	3.9	3.6
- Cost	25.0	22.6	13.9	12.6	0.0
- Accumulated depreciation	-13.1	-11.2	-9.8	-8.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	23.2	10.7	16.2	37.3	30.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.2	10.7	16.2	37.3	0.0
V. Long-term financial investments	—	0.0	0.0	1.7	23.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	1.7	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	179.9	182.6	155.7	146.0	0.0
1. Long-term prepayments	178.6	182.6	154.7	144.0	0.0
2. Deferred income tax assets	1.3	0.0	1.1	2.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	163.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,935.5	4,080.0	4,239.4	4,621.3	4,807.8
A. LIABILITIES (300=210+330)	2,699.4	2,830.3	2,925.9	3,392.6	3,452.0
I. Short -term liabilities	2,660.9	2,812.5	2,918.2	3,387.4	3,450.8
1. Short-term trade accounts payable	452.1	948.2	1,411.3	1,381.3	1,720.5
2. Short-term advances from customers	38.2	47.4	24.4	39.9	60.6
3. Taxes and other payables to state authorities	41.9	28.7	33.4	37.4	0.0
4. Payable to employees	77.1	49.6	53.6	64.2	0.0
5. Short-term acrrued expenses	11.4	3.6	7.7	9.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.9	6.6	6.7	68.1	0.0
10. Short-term borrowings and financial leases	2,028.2	1,719.0	1,365.1	1,771.0	1,548.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	9.3	16.0	16.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	38.5	17.8	7.7	5.2	1.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.0	2.0	2.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	36.5	15.8	5.7	5.2	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,236.2	1,249.7	1,313.5	1,228.6	1,355.8
I. Owner's equity	1,236.2	1,249.7	1,313.5	1,228.6	0.0
1. Owner's capital	808.0	808.0	808.0	808.0	1,355.8
- Common stock with voting right	808.0	808.0	808.0	808.0	808.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	3.6	3.6	3.6	3.6	3.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.5	0.5	0.5	0.5	0.5
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.2	-0.5	-0.1	-2.5	0.0
8. Investment and development fund	376.8	376.6	376.6	375.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	20.6	20.9	21.0	21.0	0.0
11. Undistributed earnings after tax	27.0	40.6	104.1	22.2	158.0
- Accumulated retained earning at the end of the previous period	—	-2.6	2.2	2.2	1.2
- Undistributed earnings in this period	27.0	43.2	101.9	20.0	156.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,935.5	4,080.0	4,239.4	4,621.3	4,807.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	68.5	70.4	141.1	184.3	207.2
Depreciation of Fixed Assets and Investment Property	96.3	98.6	99.6	102.9	108.9
Provision (Increase)/Reversal	83.8	-32.6	17.8	-13.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.0	2.8	0.0	2.8	0.0
Gain/Loss from Investment Activities	-37.5	-28.2	-34.1	-24.3	0.0
Interest Expense	101.3	85.6	117.4	84.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	310.5	196.6	341.8	337.1	398.8
Increase/(Decrease) in Receivables	196.7	86.6	186.6	-8.6	0.0
Increase/(Decrease) in Inventory	9.5	318.0	58.4	-181.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-473.0	-441.2	6.3	-372.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	-21.1	-1.1	10.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-98.6	-85.1	-118.0	-83.7	0.0
Corporate Income Tax Paid	-24.0	-34.7	-40.3	-48.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	-13.2	-19.8	-29.2	0.0
Net Cash Flow from Operating Activities	-84.1	5.9	414.0	-375.9	289.2
Payments for Fixed Assets and Other Long-term Assets	-50.7	-41.5	-58.5	-37.1	-41.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.3	0.5	0.5	0.0
Loans and Purchases of Debt Instruments	-1,380.9	-1,129.2	-617.2	-1,051.7	-238.3
Receipts from Loan Repayments and Sale of Debt Instruments	1,401.7	890.6	428.6	1,531.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	40.5	28.7	27.7	47.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	10.9	-251.2	-218.9	490.6	-235.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	5,254.1	4,678.8	4,116.0	5,389.5	4,338.2
Repayment of Borrowings	-4,944.9	-4,324.9	-4,521.4	-5,168.5	-4,674.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-40.3	-96.8	-56.7	-161.1	-40.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	268.9	257.1	-462.2	59.9	-376.6
Net Cash Flow During the Period	195.7	11.8	-267.1	174.6	-150.6
Cash and Cash Equivalents at Beginning of Period	299.0	287.6	550.0	375.9	698.5
FX Difference from Revaluation	-0.0	-0.5	4.8	-0.5	0.0
Cash and Cash Equivalents at End of Period	494.6	299.0	287.6	550.0	375.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3	1,968.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3	1,968.4
Cost of Goods Sold	1,789.9	1,482.9	1,844.1	1,663.2	1,881.0	1,309.3	1,522.9	1,394.8	1,942.3	1,702.1	1,625.6	1,719.7
Gross Profit	202.1	247.9	295.5	248.3	243.1	158.7	218.4	203.7	244.5	222.0	255.7	248.7
Financial Income	13.1	15.8	16.4	21.8	2.9	31.5	9.2	10.4	16.9	15.0	27.1	17.2
Financial Expenses	28.3	26.6	40.9	25.8	36.0	21.0	43.3	30.2	30.8	39.6	50.8	34.4
Interest Expense	25.5	24.7	27.4	23.9	22.5	21.7	23.2	18.1	24.9	23.6	37.8	31.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-3.7	0.9	1.1
Selling Expenses	193.6	147.8	170.6	164.2	176.1	117.3	144.5	132.7	153.4	141.3	140.2	154.6
General and Administrative Expenses	60.2	48.4	58.5	40.3	7.0	39.6	34.9	30.4	38.5	31.6	47.8	34.2
Operating Profit	-66.9	40.9	42.0	39.8	26.8	12.3	4.9	20.8	38.7	20.9	44.9	43.9
Other Income	1.9	0.1	1.1	0.1	4.0	0.8	2.8	0.7	2.0	0.3	1.8	0.3
Other Expenses	0.7	0.2	0.5	0.2	1.1	0.6	0.7	0.7	0.6	0.3	0.5	2.1
Other Profit	1.3	-0.1	0.6	-0.1	2.8	0.2	2.1	-0.0	1.4	-0.0	1.3	-1.8
Profit Before Tax	-65.7	40.8	42.6	39.7	29.7	12.5	7.0	20.8	40.1	20.9	46.2	42.1
Current Income Tax Expense	-2.3	8.9	8.5	7.2	6.5	2.9	2.0	4.7	13.3	4.4	10.0	9.1
Deferred Income Tax Expense	21.8	0.1	-1.4	1.0	2.9	3.1	4.5	0.7	0.3	0.0	0.6	-0.3
Net Income	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6	33.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6	33.2
Earnings per Share	-1,054.00	393.00	439.00	390.00	251.00	82.00	6.00	190.00	328.00	205.00	441.00	411.00
Diluted EPS	-1,054.10	393.00	438.89	390.04	250.93	81.65	6.10	189.58	327.59	204.53	441.00	411.49

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,109.3	3,423.4	3,624.6	3,593.8	3,225.3	3,306.0	3,073.4	3,326.0	3,367.0	3,497.4	3,374.4	3,472.3
I. Cash and cash equivalents	625.6	306.7	446.2	332.5	301.0	284.2	352.9	314.2	287.6	383.2	267.6	320.2
1. Cash	315.3	269.1	283.2	265.5	153.0	120.7	185.1	283.5	224.9	219.3	101.9	213.9
2. Cash equivalents	310.3	37.6	163.0	67.0	148.0	163.5	167.8	30.8	62.7	163.9	165.7	106.3
II. Short-term financial investments	494.0	524.0	747.0	590.0	643.7	393.6	436.5	421.4	407.1	356.1	348.5	325.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	494.0	524.0	747.0	590.0	643.7	393.6	436.5	421.4	407.1	356.1	348.5	325.0
III. Short-term receivables	954.5	1,182.9	1,248.9	1,319.1	1,206.9	1,240.7	1,257.5	1,314.2	1,241.9	1,401.4	1,460.1	1,458.1
1. Short-term trade accounts receivable	1,186.4	1,371.5	1,444.0	1,495.6	1,390.5	1,449.4	1,462.5	1,529.7	1,450.6	1,605.7	1,677.7	1,664.4
2. Short-term prepayments to suppliers	30.0	47.3	35.5	42.0	40.3	48.6	47.4	36.0	38.5	34.6	25.9	30.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	21.0	30.0	29.3	32.5	26.9	26.3	30.7	32.1	28.4	35.2	30.7	30.3
7. Provision for short-term doubtful debts (*)	-282.9	-265.8	-259.9	-251.0	-251.0	-284.0	-283.6	-284.0	-275.6	-274.2	-274.2	-266.6
8. Assets awaiting resolution	—	—	—	—	0.3	0.4	0.4	0.3	0.0	0.0	0.0	0.0
IV. Inventories	982.1	1,357.1	1,150.9	1,301.9	1,040.1	1,334.6	993.5	1,224.2	1,373.5	1,308.9	1,240.8	1,305.3
1. Inventories	1,045.8	1,358.0	1,151.9	1,302.9	1,041.0	1,334.6	993.5	1,224.2	1,373.5	1,308.9	1,240.8	1,305.3
2. Provision for decline in value of inventories	-63.6	-0.9	-0.9	-0.9	-0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	53.0	52.6	31.6	50.2	33.7	53.0	33.0	52.0	56.9	47.9	57.4	63.7
1. Short-term prepayments	1.9	2.8	1.4	2.3	2.2	1.3	1.4	3.1	2.6	4.0	2.9	3.9
2. Value added tax to be reclaimed	32.8	44.5	25.3	43.8	28.2	45.1	24.7	42.7	48.3	38.7	51.2	55.4
3. Taxes and other receivables from state authorities	18.3	5.3	5.0	4.1	3.2	6.5	6.9	6.2	6.0	5.1	3.3	4.4
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	815.2	783.7	804.5	819.2	840.1	845.7	863.7	876.4	883.0	884.3	906.7	919.9
I. Long-term receivables	6.5	6.2	6.2	6.2	5.1	5.1	5.1	5.2	5.2	5.2	5.2	5.2
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	6.5	6.2	6.2	6.2	5.1	5.1	5.1	5.2	5.2	5.2	5.2	5.2
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	605.6	594.8	611.3	624.2	641.6	653.8	667.8	689.8	705.9	701.0	719.8	724.4
1. Tangible fixed assets	593.7	583.2	599.3	611.7	630.2	646.4	664.1	686.0	701.9	697.1	716.4	720.8
- Cost	—	—	—	—	1,768.8	1,762.2	1,758.1	1,757.8	1,750.5	1,726.3	1,715.3	1,696.7
- Accumulated depreciation	—	—	—	—	-1,138.6	-1,115.9	-1,094.0	-1,071.8	-1,048.6	-1,029.2	-998.9	-976.0
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.9	11.6	12.1	12.5	11.5	7.4	3.7	3.8	4.1	3.9	3.4	3.6
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	23.2	12.3	12.2	10.2	10.7	13.9	18.2	17.9	16.2	33.4	35.3	36.8
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	23.2	12.3	12.2	10.2	10.7	13.9	18.2	17.9	16.2	33.4	35.3	36.8
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.7	2.8
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.7	2.8
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	179.9	170.4	174.8	178.5	182.6	172.9	172.6	163.6	155.7	144.7	142.8	150.8
1. Long-term prepayments	178.6	170.4	174.8	178.5	182.6	171.8	171.5	162.5	154.7	143.4	141.4	148.8
2. Deferred income tax assets	1.3	—	—	0.0	0.0	1.1	1.1	1.1	1.1	1.3	1.3	2.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,924.5	4,207.1	4,429.1	4,413.0	4,065.4	4,151.7	3,937.1	4,202.4	4,250.0	4,381.8	4,281.1	4,392.2
A. LIABILITIES (300=210+330)	2,701.7	2,899.3	3,150.3	3,131.6	2,815.8	2,918.1	2,711.2	2,873.9	2,930.7	3,089.3	3,006.8	3,130.5
I. Short -term liabilities	2,661.0	2,881.7	3,132.9	3,113.8	2,798.0	2,902.1	2,698.3	2,865.5	2,923.0	3,081.6	3,001.9	3,125.5
1. Short-term trade accounts payable	452.1	635.2	753.6	810.5	933.9	922.7	552.0	712.0	1,410.7	1,190.1	1,139.1	1,101.8
2. Short-term advances from customers	38.2	45.7	73.4	55.8	47.4	19.6	21.9	13.7	26.1	57.4	46.8	30.9
3. Taxes and other payables to state authorities	42.1	30.2	29.0	38.2	28.7	11.4	14.9	14.2	35.7	22.8	17.7	8.0
4. Payable to employees	77.1	73.5	56.2	30.4	49.5	42.0	27.9	15.7	55.0	38.5	33.7	14.4
5. Short-term acrrued expenses	11.4	22.6	22.4	18.0	3.6	22.4	31.0	17.1	7.7	27.4	14.0	11.7
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	7.9	10.8	8.3	6.9	6.6	9.2	7.6	7.3	6.7	6.8	10.0	71.2
10. Short-term borrowings and financial leases	2,028.2	2,059.3	2,185.4	2,148.7	1,719.0	1,864.7	2,032.1	2,076.1	1,365.1	1,718.8	1,716.4	1,872.4
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	4.4	4.6	5.4	9.3	10.1	10.9	9.4	16.0	19.7	24.1	15.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	40.7	17.6	17.4	17.8	17.8	15.9	12.9	8.4	7.7	7.7	4.9	5.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	38.7	15.6	15.4	15.8	15.8	13.9	10.9	6.4	5.7	5.7	4.9	5.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,222.7	1,307.8	1,278.8	1,281.4	1,249.6	1,233.6	1,225.9	1,328.5	1,319.4	1,292.5	1,274.3	1,261.7
I. Owner's equity	1,222.7	1,307.8	1,278.8	1,281.4	1,249.6	1,233.6	1,225.9	1,328.5	1,319.4	1,292.5	1,274.3	1,261.7
1. Owner's capital	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0
- Common stock with voting right	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.2	-0.3	2.4	-0.3	-0.5	0.6	-0.1	-0.4	-0.1	-0.5	-6.3	-2.7
8. Investment and development fund	376.8	376.8	376.8	376.6	376.6	376.6	376.6	376.6	376.6	376.6	376.6	375.9
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	20.6	20.6	20.6	20.9	20.9	20.9	20.9	20.9	21.0	21.0	21.0	21.0
11. Undistributed earnings after tax	13.6	98.7	67.0	72.1	40.5	23.6	16.5	119.4	109.9	83.4	71.1	55.4
- Accumulated retained earning at the end of the previous period	—	—	—	40.6	-2.6	0.7	0.7	104.1	2.2	2.2	2.2	22.2
- Undistributed earnings in this period	13.6	98.7	67.0	31.5	43.2	22.9	15.8	15.3	107.7	81.3	68.9	33.2
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,924.5	4,207.1	4,429.1	4,413.0	4,065.4	4,151.7	3,937.1	4,202.4	4,250.0	4,381.8	4,281.1	4,392.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-54.6	40.8	42.6	39.7	29.7	12.5	7.2	20.8	32.0	20.9	46.2	42.1
Depreciation of Fixed Assets and Investment Property	20.5	27.2	20.5	28.0	39.2	23.2	25.3	24.0	20.0	27.9	25.2	26.5
Provision (Increase)/Reversal	68.7	5.9	8.9	0.2	-32.1	2.3	-2.3	-0.4	10.2	-0.1	7.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-9.1	—	7.2	—	0.0	-2.0	2.0	0.0	0.0	-1.5	1.5	0.0
Gain/Loss from Investment Activities	-8.1	-10.5	-10.6	-8.3	-9.5	-6.2	-7.3	-5.0	-6.5	-6.0	-14.7	-6.9
Interest Expense	25.5	24.5	27.4	23.9	22.5	21.7	23.3	18.1	24.9	23.6	37.8	31.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	50.1	80.8	96.0	83.6	49.7	51.5	48.3	57.6	80.7	64.7	103.6	92.8
Increase/(Decrease) in Receivables	206.5	47.4	72.5	-129.6	89.0	-4.8	72.2	-78.1	151.0	82.9	-8.3	-39.0
Increase/(Decrease) in Inventory	312.3	-206.1	151.0	-247.6	293.6	-341.1	230.7	149.1	-64.4	-68.1	64.5	126.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-202.4	-120.2	-24.3	-126.0	39.5	374.3	-119.9	-733.6	194.5	75.1	72.0	-335.3
Increase/(Decrease) in Prepaid Expenses	-4.4	-1.8	7.2	-0.9	-27.5	-0.9	-8.3	-8.9	5.0	-5.8	7.3	-7.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.7	-26.6	-25.3	-23.9	-22.5	-22.3	-22.7	-18.1	-25.5	-24.5	-36.9	-31.2
Corporate Income Tax Paid	-5.7	-6.2	-5.6	-6.6	-2.6	-2.5	-2.2	-27.5	-3.8	-2.4	-1.7	-32.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.8	-3.9	-0.8	-0.9	-4.9	-6.6	-3.7	-4.4	-10.2	-1.5
Net Cash Flow from Operating Activities	333.3	-233.1	270.7	-455.0	418.6	53.4	193.2	-666.1	333.9	117.5	190.3	-227.8
Payments for Fixed Assets and Other Long-term Assets	-27.5	-10.3	-7.7	-5.1	-18.4	-4.6	-2.2	-8.9	-31.2	-11.0	-11.5	-4.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	0.2	—	0.0	-0.1	0.1	0.0	0.5	-0.2	0.2	0.0
Loans and Purchases of Debt Instruments	-548.9	-80.0	-752.0	—	-250.1	450.0	-422.2	-14.3	-479.6	337.4	-368.5	-106.6
Receipts from Loan Repayments and Sale of Debt Instruments	447.9	303.0	595.0	55.7	0.0	-407.1	407.1	0.0	428.6	-345.0	345.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	11.1	10.4	10.7	8.3	9.5	4.9	8.6	5.0	0.0	11.9	8.9	6.9
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-117.1	222.8	-153.8	58.9	-259.0	43.1	-8.7	-18.2	-81.7	-6.9	-25.9	-104.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,135.0	1,357.7	1,269.4	1,491.9	1,014.6	1,100.6	1,098.9	1,466.4	1,024.1	963.8	816.0	1,312.1
Repayment of Borrowings	-1,163.4	-1,484.8	-1,234.4	-1,062.3	-1,157.4	-1,267.3	-1,146.5	-755.4	-1,376.6	-961.5	-973.7	-1,209.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-0.0	-40.3	—	0.0	-0.1	-96.7	0.0	0.0	0.0	-56.7	-0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-28.4	-127.1	-5.3	429.7	-142.8	-166.8	-144.2	711.0	-352.5	2.4	-214.4	102.4
Net Cash Flow During the Period	187.9	-137.4	111.6	33.5	16.8	-70.3	40.3	26.6	-100.4	113.0	-50.0	-229.7
Cash and Cash Equivalents at Beginning of Period	306.7	446.2	332.5	299.0	287.6	287.6	287.6	287.6	550.0	550.0	550.0	550.0
FX Difference from Revaluation	-0.0	—	2.0	—	0.0	1.6	-1.6	0.0	4.8	2.6	-2.6	0.0
Cash and Cash Equivalents at End of Period	494.6	306.7	446.2	332.5	301.0	284.2	352.9	314.2	287.6	383.2	267.6	320.2

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